With that device expected to be unveiled late this month at the 2014 Mobile World Convention (MWC) in Barcelona, Spain, Samsung has begun cut the prices on its previous generation model to reduce stock.

First-generation Galaxy Gear Smartwatch

The watch launched in late Sept. 2013, priced at $299 USD, but was marked up as high as ~$355 USD in some regions (e.g. India where the price was RS22,290). Last month, Samsung cut the price to around $305 USD in some regions (e.g. RS18,290 in India) and as little as $270 USD in the U.S.

Now it's finalized yet another cut, which reduces the price to ~$245 USD in the pricier regions (e.g. RS15,290 in India). In the U.S. a price cut has not been announced, but in coming weeks the price of the half-year-old device is expected to dip to around $210-220 USD.

The wearables market is growing, if not in the leaps and bounds some expected.

Rumors are still circulating that 2014 will bring an Apple, Inc. (AAPL) "iWatch", a Google Inc. (GOOG) Nexus watch (manufactured by a third party partner), and a Microsoft Corp. (MSFT) Surface smartwatch. Don't count on any of these devices, however, as we heard those same rumors in 2013 with nary a product from the mobile platform market's big three.

Apple is rumored to be developing a smartwatch. [Image Source: Lunatic]

There are many factors at play, but one thing's for sure -- Samsung will need to expand the app selection and make a better pitch for people to take the Galaxy Gear 2 smartwatch seriously.